Analysis for today is based on fibonacci levels. This is based on previous calculations as seen on the chart. The chart explains itself pretty well.
Price patterns can be repetitive and constant. You start seeing them constantly especially if you have been trading enough of time. Similarities that are displayed in this chart are rather parallel and obvious.
Analysis wise it's important to see what past has shown us and how it's going to affect the price in the future.
Let's begin with the past.
New ATH 1.00% was made at 11k and it ended the trend by dropping rather quickly to strong reversal zone formed by MA50 line. This started a new uptrend. After this the price jumps in between of .782 and 1.0 fib levels and kept consolidating there for a while. Then the price broke upwards. Which lead us to 17k (3.0 fib level of structure measured from the 8.8k low, visible in the chart as 300%).
What's happening in the current state?
It's quite parallel and with higher that's happening right now. Price rallies by making new ATH 1.00% , sudden drop to strong reversal zone formed by MA50 line, bounces near to the top and where the price consolidates.
Previous target we got by 3.0 fib level of structure measured from the 8.8k low. This same target applied to the current structure it gives us 26k at 3.0 fib level measure from the 12.7k low.
This would be the biggest rally in the bitcoin's history.
This is based on my trading strategies and ideas and I'm hoping to hear your views on this.
The chart explains itself rather well so if any questions comes to your mind, please feel free to leave them down below.
Things to Remember:
- Usage of stop-loss order is strongly recommended.
- Better to wait than to regret. Fear of missing can make you lose a lot.
- Do research before investing in any coin. Trends, events and news can have a big impact towards the markets!
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Need help or you have a question related to this trading idea?
Please, feel free to leave them down below in to the comments.